Indian Stock Market Starts Higher Ahead of CPI Release
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Mumbai, Dec 12 (NationPress) The Indian stock market began positively on Thursday in anticipation of the consumer price index (CPI) report. In the initial trading hours, there was selling pressure in the auto and PSU bank sectors of Nifty.
At approximately 9:30 am, the Sensex was recorded at 81,633.07, reflecting an increase of 106.93 points or 0.13 percent, while the Nifty stood at 24,658.25, up by 16.45 points or 0.07 percent.
The overall market sentiment appeared optimistic. On the National Stock Exchange (NSE), 1,124 stocks were trading in the green, while 1,065 stocks were in the red.
Market analysts noted, "The range-bound consolidation phase of the market is likely to persist. The bullish momentum in the US continues, with Nasdaq achieving a new record by closing above 20,000 yesterday."
They further stated, "The ‘Magnificent Seven’ stocks are maintaining their resilience and upward trend despite high valuations. The robust performance of the mother market suggests that the global market rally remains strong, providing support to other markets as well."
The Nifty Bank index rose by 65.80 points or 0.12 percent to reach 53,457.15. The Nifty Midcap 100 index traded at 59,381.40 after an increase of 88.45 points or 0.15 percent. The Nifty Smallcap 100 index was at 19,704.60, having gained 47.25 points or 0.24 percent.
Within the Sensex portfolio, the top performers included Tech Mahindra, Bharti Airtel, TCS, Infosys, M&M, HCL Tech, Axis Bank, and SBI. Conversely, the major laggards were Titan, Tata Motors, Asian Paints, L&T, Tata Steel, and Bajaj Finance.
In Asian markets, except for Jakarta, trading was positive in Hong Kong, Bangkok, China, Seoul, and Japan.
In the US stock markets, the S&P 500 and Nasdaq Composite closed higher by 0.82 percent and 1.77 percent, respectively. The Dow Jones Industrial Average ended down by 0.22 percent compared to the previous trading session.
On December 11, foreign institutional investors (FIIs) sold equities worth Rs 1,012.24 crore, while domestic institutional investors purchased equities totaling Rs 2,007.85 crore on the same day.
